MUMBAI: Indian companies enhanced their advance tax payments for the fourth quarter by double digits as compared to last year.
State Bank of India (SBI) leads the list with Rs 1,720 crore advance tax payment this quarter, 19% more than the year-ago period, followed by Reliance Industries BSE 1.39 % that increased its advance tax payment by 17% at Rs 1,594 crore, official sources said.
Industry trackers say higher advance tax payments indicate that most of the large corporates would see their tax liability increase due to a rise in their profits this fiscal. The income-tax department has stopped disclosing advance tax figures for the past one year after some opposition from certain individual taxpayers over the same.
